While running a law firm can keep you quite busy, you may be interested in finding an additional revenue source to supplement your income. Whether you want to ensure that your finances are secure should your primary source of income take a hit in financially challenging times, or maybe you want to advance your career, an additional revenue stream can be highly beneficial.
No matter why you choose to add an additional revenue stream, with the right side hustle, you can develop more skills, build your brand, and further your expertise. And if you choose a side hustle that isn’t related to the legal field, you can use other skills that you have to earn an additional income.
If it’s time to start thinking about how you can create an additional revenue stream, you’re in the right place. This article will provide some ideas on what you need to do to add an additional revenue stream.
Deciding on an Additional Revenue Stream
Choosing the right side hustle will vary from person to person. But the path to get there will be the same for everyone. Here are some questions you can ask yourself during the decision-making process.
What Type of Side Hustle Appeals the Most to You?
Do you want to provide another type of legal service? Or would you rather choose something completely different?
If you want to find something outside of the legal realm, think about things you enjoy doing and determine if there’s a way you could incorporate those things into a paying gig. Although choosing a side hustle that isn’t related to the law can be a nice variation from your day-to-day legal work, keep in mind that side hustles that don’t require specialized training typically pay less.
What Services Do You Already Provide?
Review your current list of services and brainstorm to see if there are any complementary services that you could offer clients. Or you could take your legal expertise online.
Your knowledge, skills, and experience in the legal field are some of your most lucrative assets when starting a side hustle. Many online legal service marketplaces will allow you to choose clients and projects. This makes it easy for potential clients to find lawyers and easier for you to find more legal work.
Another thing you can do is to look at your client’s journey. What problem are they coming to you to resolve? And along their journey, are there other opportunities you could tap into to create additional revenue streams? For example, if you are a divorce attorney, your client may need to update a Will after a divorce. Would it be beneficial to add Will writing as a service?
Can You Pivot What You Currently Offer to Suit a New Market?
Often, you can modify your current services to fit a different target audience. If you’re looking for a way to add a revenue stream using your legal knowledge, here are some side hustles that may interest you.
- Become an instructor — If you have valuable advice or if there are things that you wish you would have learned in law school that could benefit law students or new lawyers, and you’re interested in teaching, you may have found your next revenue source. Besides teaching, you could tutor law students preparing for the bar exam or even create online educational courses that can help law students.
- Legal writing — If you enjoy and have a talent for writing, you could translate that into extra income. Writing legal articles for publications, government institutions, or companies that need legal content written are a great way to create another income stream.
- Write an eBook — Monetize your experience and build your brand by writing an eBook. An eBook can be self-published to Amazon’s Kindle marketplace at no cost, meaning a quick turnaround time and virtually no overhead costs. It will then become a passive income stream as you will bring in additional revenue through the years without having to do additional work.
Can You Use Customer Feedback to Offer a New Service?
Is there a particular service or set of services that past clients have frequently asked for? If you still don’t offer that service, it could be lucrative to edit your list of services to include it.
Pre-Sell Your Idea Before Launching
Spending time and working hard to create a new product or service only to watch your idea fail can be heartbreaking. That’s why it’s a great idea to pre-sell your idea before launching it.
Pre-selling is when you sell a product or service before it’s launched to see if your target audience likes, wants, or needs what you are offering. Knowing if there is interest in your idea before putting the hard work into bringing it to fruition can help you avoid failure.
Let Conroy Creative Counsel Help You Reach Your Goals
Adding an additional revenue stream can be a rewarding way to expand your skills and get paid to do so. However, before starting your new venture, it’s imperative to ensure that you have the capacity for a side hustle. You don’t want to launch your new product or service only to find that you don’t have adequate time to give to your law firm and your new revenue stream.
Whether you’re launching a new law firm, giving your existing brand a refresh, changing your focus, or taking a new approach, Conroy Creative Counsel can help. We provide law firms a comprehensive digital marketing strategy that will allow you to reach your desired results.
Contact us today to schedule your initial consultation.